International Copper Association India (ICA India) in association with Hindalco Industries Ltd and Vedanta Ltd organised the prestigious India Copper Forum earlier today in Mumbai.
The event held extensive discussions to evaluate how the copper fraternity is aligning itself to the Government’s vision and contributing to the nation’s progress. Going forward, the estimated copper usage growth is expected to increase as the Government has put in process various initiatives such as Housing for All, Make in India and smart cities to name few.
Speaking on the opportunities and challenges faced by the copper industry, JC Laddha, CEO, Hindalco Copper Division said, “We see tremendous growth potential for copper in India. This will come from sectors like power, telecom, automobile, railway, defence etc. We are expecting the copper usage to double in India by next decade. However, copper industry needs great support from the government as it is going through a difficult phase due to slow down in global market and increase of imports. Imports increased from 64,000 tonnes in FY2011 to 206,000 tonnes in FY2016, showing a CAGR of 22% over the last 5 years. Also, higher logistics cost, processing & energy cost etc. has built up the cost pressure.”
P Ramnath, CEO, Vedanta Copper said, “Despite the fact that India is one of the fastest growing economies in the world for copper usage, the industry faces challenges from the unauthorised usage of commercial grade Copper and Aluminium in electrical applications. With the common platform that ICAI provides, it is my belief that all of us will find the way to make a positive contribution to society’s sustainable development goals, through copper.”
Sanjeev Ranjan, Managing Director, ICA India said, “We are hopeful that the industry and the government will work collaboratively to make the country energy efficient and to attain the renewable energy target of 175GW by 2022. ICA India is honoured to facilitate this conversation. We look forward to be a part of this vision and contribute in realising this dream along with all the stakeholders.”